
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 5USC8439]

 
             TITLE 5--GOVERNMENT ORGANIZATION AND EMPLOYEES
 
                           PART III--EMPLOYEES
 
                   Subpart G--Insurance and Annuities
 
            CHAPTER 84--FEDERAL EMPLOYEES' RETIREMENT SYSTEM
 
                   SUBCHAPTER III--THRIFT SAVINGS PLAN
 
Sec. 8439. Accounting and information

    (a)(1) The Executive Director shall establish and maintain an 
account for each individual who makes contributions or for whom 
contributions are made under section 8432 of this title or who makes 
contributions to the Thrift Savings Fund under section 8351 of this 
title.
    (2) The balance in an individual's account at any time is the excess 
of--
        (A) the sum of--
            (i) all contributions made to the Thrift Savings Fund by the 
        individual under section 8432(a) or 8351 of this title;
            (ii) all contributions made to such Fund for the benefit of 
        the individual under section 8432(c) of this title; and
            (iii) the total amount of the allocations made to and 
        reductions made in the account pursuant to paragraph (3), over

        (B) the amounts paid out of the Thrift Savings Fund with respect 
    to such individual under this subchapter.

    (3) Pursuant to regulations prescribed by the Executive Director, 
the Executive Director shall allocate to each account an amount equal to 
a pro rata share of the net earnings and net losses from each investment 
of sums in the Thrift Savings Fund attributable to sums credited to such 
account, reduced by an appropriate share of the administrative expenses 
paid out of the net earnings under section 8437(d) of this title, as 
determined by the Executive Director.
    (b)(1) For the purposes of this subsection, the term ``qualified 
public accountant'' shall have the same meaning as provided in section 
103(a)(3)(D) of the Employee Retirement Income Security Act of 1974 (29 
U.S.C. 1023(a)(3)(D)).
    (2) The Executive Director shall annually engage, on behalf of all 
individuals for whom an account is maintained, an independent qualified 
public accountant, who shall conduct an examination of all accounts and 
other books and records maintained in the administration of this 
subchapter and subchapter VII as the public accountant considers 
necessary to enable the public accountant to make the determination 
required by paragraph (3). The examination shall be conducted in 
accordance with generally accepted auditing standards and shall involve 
such tests of the accounts, books, and records as the public accountant 
considers necessary.
    (3) The public accountant conducting an examination under paragraph 
(2) shall determine whether the accounts, books, and records referred to 
in such paragraph have been maintained in conformity with generally 
accepted accounting principles applied on a basis consistent with the 
manner in which such principles were applied during the examination 
conducted under such paragraph during the preceding year. The public 
accountant shall transmit to the Board a report on his examination, 
including his determination under this paragraph.
    (4) In making a determination under paragraph (3), a public 
accountant may rely on the correctness of any actuarial matter certified 
by an enrolled actuary if the public accountant states his reliance in 
the report transmitted to the Board under such paragraph.
    (c)(1) The Board shall prescribe regulations under which each 
individual for whom an account is maintained shall be furnished with--
        (A) a periodic statement relating to the individual's account; 
    and
        (B) a summary description of the investment options under 
    section 8438 of this title covering, and an evaluation of, each such 
    option the 5-year period preceding the date as of which such 
    evaluation is made.

    (2) Information under this subsection shall be provided at least 30 
calendar days before the beginning of each election period under section 
8432(b)(1)(A) of this title, and in a manner designed to facilitate 
informed decisionmaking with respect to elections under sections 8432 
and 8438 of this title. Nothing in this paragraph shall be considered to 
limit the dissemination of information only to the times required under 
the preceding sentence.
    (d) Each employee, Member, former employee, or former Member who 
elects to invest in the Common Stock Index Investment Fund, the Fixed 
Income Investment Fund, the International Stock Index Investment Fund, 
or the Small Capitalization Stock Index Investment Fund, defined in 
paragraphs (1), (3), (5), and (10), respectively, of section 8438(a) of 
this title shall sign an acknowledgement prescribed by the Executive 
Director which states that the employee, Member, former employee, or 
former Member understands that an investment in either such Fund is made 
at the employee's, Member's, former employee's, or former Member's risk, 
that the employee, Member, former employee, or former Member is not 
protected by the Government against any loss on such investment, and 
that a return on such investment is not guaranteed by the Government.

(Added Pub. L. 99-335, title I, Sec. 101(a), June 6, 1986, 100 Stat. 
555; amended Pub. L. 104-208, div. A, title I, Sec. 101(f) [title VI, 
Sec. 659 [title I, Sec. 103]], Sept. 30, 1996, 110 Stat. 3009-314, 3009-
372, 3009-373; Pub. L. 104-316, title I, Sec. 103(j), Oct. 19, 1996, 110 
Stat. 3829; Pub. L. 106-65, div. A, title VI, Sec. 661(a)(5), Oct. 5, 
1999, 113 Stat. 672; Pub. L. 106-361, Sec. 2(b)(4), (5), Oct. 27, 2000, 
114 Stat. 1401.)

                   Amendment of Subsection (a)(1), (2)

        Pub. L. 106-65, div. A, title VI, Secs. 661(a)(5), 663, Oct. 5, 
    1999, 113 Stat. 672, 673, as amended by Pub. L. 106-398, Sec. 1 
    [[div. A], title VI, Sec. 661(a)], Oct. 30, 2000, 114 Stat. 1654, 
    1654A-167, provided that effective 180 days after Oct. 30, 2000, 
    unless postponed, subsection (a) of this section is amended as 
    follows:
        (1) in paragraph (1), by striking ``under section 8432(c)(1) of 
    this title'' and ``under section 8351 of this title'';
        (2) in paragraph (2)(A)(i), by striking all after ``individual'' 
    and inserting a semicolon; and
        (3) in paragraph (2)(A)(ii), by striking all after 
    ``individual'' and inserting ``; and''.


                               Amendments

    2000--Subsec. (a)(1). Pub. L. 106-361, Sec. 2(b)(4), inserted ``who 
makes contributions or'' after ``for each individual'' and substituted 
``section 8432'' for ``section 8432(c)(1)''.
    Subsec. (c)(2). Pub. L. 106-361, Sec. 2(b)(5), inserted at end 
``Nothing in this paragraph shall be considered to limit the 
dissemination of information only to the times required under the 
preceding sentence.''
    1996--Subsec. (b)(3). Pub. L. 104-316 struck out ``and the 
Comptroller General of the United States'' after ``to the Board''.
    Subsec. (d). Pub. L. 104-208 substituted ``Each employee, Member, 
former employee, or former Member who elects to invest in the Common 
Stock Index Investment Fund, the Fixed Income Investment Fund, the 
International Stock Index Investment Fund, or the Small Capitalization 
Stock Index Investment Fund, defined in paragraphs (1), (3), (5), and 
(10),'' for ``Each employee, Member, former employee, or former Member 
who elects to invest in the Common Stock Index Investment Fund or the 
Fixed Income Investment Fund described in paragraphs (1) and (3),''.


                    Effective Date of 2000 Amendment

    Amendment by Pub. L. 106-361 effective at the earliest practicable 
date after Sept. 30, 2000, as determined by the Executive Director in 
regulations, see section 2(c)(1) of Pub. L. 106-361, set out as a note 
under section 8432 of this title.


                    Effective Date of 1999 Amendment

    Amendment by Pub. L. 106-65 effective 180 days after Oct. 30, 2000, 
unless postponed, see section 663 of Pub. L. 106-65, as amended, set out 
as an Effective Date note under section 8440e of this title.


                    Effective Date of 1996 Amendment

    Amendment by Pub. L. 104-208 effective Sept. 30, 1996, with 
provisions for certain funds to be offered for investment at earliest 
practicable election period, see section 101(f) [title VI, Sec. 659 
[title I, Sec. 104]] of Pub. L. 104-208, set out as a note under section 
8438 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 8401, 8461, 8471 of this 
title; title 31 section 9503.
